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Ulviyya Shahin Read more
One of Azerbaijan's notable successes is hosting COP29.
Azerbaijan once again proved its sensibility towards the
environmental issue by securing the hosting rights for the 29th
Conference of the Parties (COP29).
The decision to entrust Azerbaijan with this prestigious event
underscores the nation's commitment to environmental sustainability
and positions it as a global player in addressing climate change
challenges.
The bidding process for hosting major international conferences
is highly competitive, with countries around the world competing
for the opportunity to showcase their capabilities and contribute
to global discussions. Azerbaijan's successful bid for COP29
reflects not only the nation's diplomatic prowess but also its
dedication to environmental issues.
Hosting COP29 places Azerbaijan at the forefront of global
efforts to address climate change and implement sustainable
practices. This conference serves as a platform for nations to come
together, share insights, and formulate strategies to combat the
pressing challenges posed by climate change.
Beyond its environmental significance, hosting COP29 will have a
positive impact on Azerbaijan's economy and cultural exchange. The
influx of international delegates, media coverage, and associated
events will enhance the country's global visibility. Moreover, the
exchange of ideas and perspectives during the conference will
contribute to cultural enrichment and mutual understanding.
The projects associated with COP29 cover a wide spectrum,
ranging from renewable energy infrastructure to sustainable
transportation solutions, and from environmental conservation
initiatives to green technology development. Foreign investors have
the chance to participate in projects aligned with their expertise
and interests, providing a platform for collaboration that extends
beyond the conference.
To implement COP29 projects, Azerbaijan will need the support of
not only its domestic resources but also additional assistance from
foreign investors. So, what is the Azerbaijani government doing to
attract foreign investors to the country? Generally, what steps
should be taken to attract foreign investors to the country?
Answering the above questions, economist Natig Jafarly told Azernews that the Azerbaijani government has taken
certain steps to promote investments and is still taking many
decisive steps in this field. But these steps are not enough. The
expert said that in order to attract more investment in the
country, taxation, customs, and the judicial system need to be
smooth. He added that these three main issues are what mainly
interest foreign investors.
"These are tax and customs policies, the rule of law. That is,
one of the foremost desires of foreign investors is to ensure their
quick and fair resolution by law when their issues go to court. We
have done some work and progress in these three fields, but we will
need to look through them once again as we are looking forward to
attracting further investments in the country," he said.
Moreover, the expert emphasised the importance of Azerbaijan
joining international conventions, including the World Trade
Organisation, in order to attract foreign investment more
quickly.
“In that case, investors will feel more comfortable knowing that
during any economic disputes, both local and international legal
frameworks will quickly and fairly protect their rights. These are
the issues that concern investors the most."
According to Jafarly, from an investment perspective, Azerbaijan
is a very attractive country.
"Azerbaijan is very favourably located in terms of its
geographical position, access to diverse markets, and logistical
capabilities. If we strengthen investment promotion, it can lead to
a significant influx of capital into Azerbaijan. This means new
jobs, manufacturing sectors, and export potential."
Economist Rashad Hasanov also agrees with the idea of
Azerbaijan's being sufficiently attractive for foreign
investment.
"Because it is a raw economy and there is a huge investment
potential in all areas. This also applies to the liberated
territories in the Garabagh and the Eastern Zangazur regions. And
in relation to the liberated territories, in addition to all of
these, I also think that the acceleration of the peace agreement
can also contribute.
In this case, the interest of foreign investors in the region
will grow to a significant level, which is very important for us,"
the expert concluded.
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